TBO Tek IPO Subscribed 1.15 Times on Day 1

New Delhi, May 8 (PTI) The initial public offer of travel distribution firm TBO Tek got subscribed 1.15 times on the first day of bidding on Wednesday.

The Rs 1,551 crore IPO received bids for 1,06,50,112 shares against 92,85,816 shares on offer, according to data available with the NSE.

The category for Retail Individual Investors (RIIs) got subscribed 3.13 times while the portion for non-institutional investors received 2.08 times subscription. The quota for Qualified Institutional Buyers (QIBs) got 1 per cent subscription.

The Initial Public Offer (IPO) has a fresh issue of up to Rs 400 crore and an offer for sale of up to 1,25,08,797 equity shares.

Those selling shares in the OFS are promoters Gaurav Bhatnagar, Manish Dhingra and LAP Travel, and investors TBO Korea and Augusta TBO.

The price range for the offer is Rs 875-920 per share.

TBO Tek on Tuesday said it has collected a little over Rs 696 crore from anchor investors.

Proceeds from the fresh issue will be used for the growth and strengthening of the platform by adding new buyers and suppliers, and unidentified inorganic acquisitions, besides, a portion will be used for general corporate purposes.

TBO Tek is a leading travel distribution platform in the global travel and tourism industry providing services to buyers and suppliers in over 100 countries as of June 30, 2023. The company offers over 7,500 destinations and facilitates 33,000 bookings per day through their platform.

In October 2023, investment firm General Atlantic announced that it would acquire a minority stake in TBO.

Axis Capital, Goldman Sachs (India) Securities, JM Financial and Jefferies India are the managers to the offer.

The equity shares will be listed on the BSE and NSE.